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Life Insurance for Children is a Great Idea

PR Web

Chicago, IL (PRWEB) July 10, 2014

YourLifeSolution.com, a website which prides itself on providing instant life insurance rates on both permanent and term life insurance products, is today publishing reasons why buying life insurance for children is both logical and financial savvy. The service was prompted to do this by several online articles and financial pundits claiming that having life insurance for children is arbitrary simply because children do not earn an income and therefore their death is not a financial liability. "Life insurance for children is the only way to guarantee the future insurability of a person and simultaneously lock-in their rates at a cost-per-unit they will have no ability to achieve if they waited till 30 or 40 years-old when many people do buy life insurance. Not only will a properly designed, dividend paying, level premium policy make them more financially stable in their older years, but it will make them more creditworthy when they have significant equity in their life insurance policy decades later. The dollars paid into life insurance for children are not really lost or spent, but merely invested in their future", said
Eric Smith, the founder of YourLifeSolution.com.

According to YourLifeSolution.com, a dividend-paying whole life policy on a newborn costs only about $600 per year for $150,000 in coverage and generally grows to over $500,000 of coverage by the time that child would be expected to retire. "Under current rates of return, it's entirely reasonable to expect that the family could stop paying for the life insurance around the child's 30th birthday and have the initial death benefit paid for in full. This is quite a bit better than paying nearly 3-4 times the premium to buy the same coverage at age 30, and it avoids the risk of the person having to pay a smoker's rate or be left uninsurable", said
Eric Smith.